📊 BankNifty-NSE INDEX 24th January 2025 Daily Analysis Based on Main Key Levels

Introduction

In the dynamic landscape of forex trading, particularly with BankNifty, understanding market movements is essential. This blog provides a comprehensive analysis of BankNifty, focusing on key support and resistance levels, along with actionable trade setups.

Current Market Overview

The current Daily Current Market Price (DCMP) for BankNifty is 48,824.

Key Levels Summary

Resistance Levels Above DCMP (48,824)

🔺 Resistance 1: 49,228

🔺 Resistance 2: 49,597

🔺 Resistance 3: 50,193

Support Levels Below DCMP (48,824)

🟢 Support 1: 48,632

🟢 Support 2: 48,036

🟢 Support 3: 47,668

Swing Levels

📊 Swing High: 51,979

📊 Swing Low: 48,309

Trade Setup

💼 Intraday Buy Trade Setup

Entry Price: ✨ 48,632

Stop Loss: ❌ 48,400

Take Profit 1: 🎯 48,800

Take Profit 2: 🎯 49,228

Reason for Entry:

The support level at 48,632 is below the DCMP, indicating a strong buying opportunity. This level aligns with significant technical support, suggesting potential upward movement.

💼 Intraday Sell Trade Setup

Entry Price: ✨ 49,228

Stop Loss: ❌ 49,500

Take Profit 1: 🎯 48,800

Take Profit 2: 🎯 49,597

Reason for Entry:

The resistance level at 49,228 is just above the DCMP, providing a viable selling opportunity. This level coincides with key technical resistance, indicating potential downward movement.

Analysis Summary

Resistance and Support Levels: Key levels indicate potential reversal zones. Resistance levels are identified at 49,228, 49,597, and 50,193, while support levels are at 48,632, 48,036, and 47,668.

Swing Levels: The Swing High is at 51,979, and the Swing Low is at 48,309.

Pivot Levels: The pivot level is at 48,632, providing additional context for potential reversals.

Fibonacci Levels: Significant retracement and extension levels align with the identified support and resistance zones.

RSI Divergence: Indicates potential overbought conditions at resistance levels and oversold conditions at support levels.

MACD Crossing: Suggests bullish momentum at support levels and bearish momentum at resistance levels, confirming trade setups.

Conclusion

This analysis equips traders with essential insights and key levels to navigate the BankNifty market effectively. With the current market price at 48,824, traders can leverage the outlined support and resistance levels, along with technical indicators, to make informed trading decisions. Stay tuned for further updates and analyses!